Bellhaven Copper & Gold (BHV.V) has announced more drill results to the market. Hole LME 1096 is the most interesting one, as the company intercepted 82 meters of 0.48g/t Au and 0.17%Cu from a depth of 200 meter. In the same hole the company also intersected almost 27 meters of 0.64g/t Au and 0.13%Cu.
At first sight the grades aren’t shocking, but are perfectly in line with the average grades you’d expect from a copper-gold porphyry system. As hole LME1096 bottoms at 350 meters in an average grade of 1.1g/t Au, Bellhaven geologists believe that this is a strong indication that the east-directed drilling is just entering the core of a strong mineralized system, as the mineralization strengthens to the east and at depth.
The company continues drilling at the La Garrucha prospect with one drill rig and will continue till the end of March, after which the drill rig will be re-located to the Cristalina-target.
Bellhaven also closed a non-brokered private placement, raising 1.8M at a price of C$0.115 per unit. It’s really good to see IAMgold (IMG.TO, NYSE:IAG) chose to maintain their current shareholding in Bellhaven as they bought almost 2.2M shares in the private placement.
Disclosure: The author holds a long position in Bellhaven Copper & Gold Inc. Please see our disclaimer for current positions.
